According to the report, the global automotive shock absorber market is projected to surpass ~US$ 15 Bn by 2027, expanding at a CAGR of ~5% during the forecast period. This can be attributed to the increase in affordability for vehicles among consumers and transition of people into middle and upper middle income groups. The automotive shock absorber market is mature; however, developments on improving performance of shock absorbers are still boosting the market worldwide.
Expansion of Automotive Shock Absorber Market
Expansion of the automotive industry in Asia Pacific and Latin America is driving the global automotive shock absorber market. The automotive industry in Asia Pacific has been expanding since the last decade. The auto industry in Japan is highly mature; however, China, India, and South Korea have made rapid advances in terms of volume production of vehicles and subsequently, drive the automotive shock absorber market.
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Improvement in infrastructure and easy availability of finance in Asia Pacific and Latin America region are likely to boost sales of vehicles and consequently drive the automotive shock absorber market. Moreover, increase in average age of vehicles, globally, is boosting the aftermarket demand for shock absorbers. Average age of vehicles in the U.S. has reached 11.8 years.
Automotive Shock Absorber: Market Segmentation
In terms of OEM, the passenger vehicle segment dominated the global automotive shock absorber market in 2019. Increasing trends toward utility vehicles and luxury vehicles in conjunction with a rise in the demand for comfort and luxury among consumers globally is anticipated to propel the global automotive shock absorber market. Therefore, the OEM segment is anticipated to hold a notable share of the global automotive shock absorber market.
Based on aftermarket, the passenger vehicle segment accounted for a notable share of the market, owing to replacement of shock absorbers due to leakage, compromised damping, and wear & tear. The shock absorber has a shelf life of 50,000 miles; subsequently, its replacement becomes a necessity.
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Regional Analysis of Automotive Shock Absorber Market
In terms of region, the global automotive shock absorber market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific held a significant share of the global automotive shock absorber market in 2019 owing to high production of vehicles and rising demand for premium and luxury vehicles among developing countries in the region. The global automotive shock absorber market is directly influenced by vehicle production and sales. Europe followed Asia Pacific, in terms of revenue, in the global automotive shock absorber market, while Europe was followed by North America in terms of share of the global market.
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Prominent players operating in the automotive shock absorber market include Brinn Inc., BWI Group, Continental AG, Datsons Engineering Works Pvt. Ltd., DMA Sales, Inc., Duroshox, Endurance Technologies Limited, FCS Auto, Halla Holdings Corp., Hitachi Automotive Systems, Ltd., Kobe Suspensions, KYB, LEACREE Company, Magneti Marelli S.p.A., QBAutomotive, Ride Control, LLC, Robert Bosch GmbH, Samavardhana Motherson Group, Tenneco Inc., and ZF Friedrichshafen AG.
Innovations and Development of Future-centric Shock Absorbers to Drive Global Market
Participants operating in the current automotive shock absorber market landscape are expected to focus on launching improved shock absorber technologies that will align with the requirements of the future generation of vehicles. While hybrid and electric vehicles continue to gain popularity across the world, automotive shock absorber companies are likely to manufacture improved versions of shock absorbers during the course of the assessment period. In addition, a few companies are also offering their products on e-Commerce platforms to improve sales.
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